When a policy is canceled and the amount of the return premium is above the defined minimum threshold, the amount will be moved automatically to the Return Premium Queue. If the return premium is below the defined minimum threshold, the return premium will remain on the policy.
To establish a threshold:
- Navigate to Settings > Modules > Policies > Policy Lifecycle > Payment > Return Premium.
- Update the Minimum Threshold value.
- Select Save.
- This setting is only needed when a client does not use issue return premiums automatically.
- The setting uses < or = logic. A threshold of $10 means any return premium < or = $10 will remain on the policy.
- The setting only pertains to cancellation transactions. It does not apply to return premiums caused by a policy change or an overpayment of premium due.